The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure: companies must provide detailed information ahead of making their claim. HMRC figures show that nearly 20% of claims for R&D tax relief are fraudulent, so it is no surprise they are tightening up […]
The Bank of England base rate increase is impacting on the government’s tax takes, with more taxpayers paying tax on savings income due to higher interest rates. Increased mortgage rates are contributing to rocketing capital gains tax (CGT) takings too. The impact of savings on tax National Savings & Investment is offering a 5% return […]
HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the same as an estimated one. An estimated figure is used when it is not possible to provide a more accurate […]
The Spring Budget was delivered by the Chancellor Jeremy Hunt on Wednesday 15 March. While the majority of the 2023/24 tax rates were released in the autumn, some changes involved unwinding the announcements of Mr Hunt’s predecessor. The key highlights and our budget analysis can be found below. After presenting a Budget-in-all-but name with the […]
It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to £6,000 for 2023/24, with a further, permanent, fall to £3,000 from 2024/25. The AEA is […]
It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to £6,000 for 2023/24, with a further, permanent, fall to £3,000 from 2024/25. The AEA is […]
At 6.00 am on Monday 17 October, the Treasury issued a press release announcing that the (new) Chancellor, Jeremy Hunt, would making a statement “bringing forward measures from the Medium-Term Fiscal Plan”. The timing of the press release suggested that the Treasury was concerned it had not done enough the previous Friday to calm markets […]
On 14 October, as an important deadline loomed for Bank of England support of the government bond markets to expire, the government’s political turmoil ratcheted up as the fallout from the ‘fiscal event’ of 23 September claimed its first scalp. A new Chancellor Jeremy Hunt replaced Kwasi Kwarteng as Chancellor, making him the fourth Chancellor […]
The Chancellor of the Exchequer delivered his Growth Plan 2022 to Parliament on 23 September 2022. Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss revealed much of what we might […]